Alameda Research sues Voyager Digital for $446 million

Lawyers for FTX say that Voyager Digital contributed to its own failure by sending customer funds to Alameda “knowingly or carelessly.”

Alameda Research, problematic crypto investment firm, is suing Voyager Digital, an insolvent crypto lender, to recover FTX’s November loan installments.

On January 30, lawyers for FTX and Alameda filed a $445.8 million lawsuit against Voyager in a Delaware court.

Both companies filed for bankruptcy in 2022, but Voyager did so four months earlier, in July under Chapter 11. Voyager requested that FTX and Alameda repay all outstanding debts after filing.

Because these loan payments were made so close to November. When FTX and Alameda filed for bankruptcy, FTX lawyers claim they can be taken back.

FTX says that in September and October, it paid Voyager $248.8 million and $193.9 million, respectively. According to court documents, the exchange also paid $3.2 million in interest in August.

FTX acknowledged that Alameda may have dangerous investments with client money. Voyager and other crypto lending services “knowingly or irresponsibly” transmitted consumer cash to Alameda with “little or no due diligence,” it added. It wrote:

“Voyager’s business model was that of a feeder fund. It solicited retail investors and invested their money with little or no due diligence in cryptocurrency investment funds like Alameda and Three Arrows Capital.”

The troubled cryptocurrency exchange wants to use any money it gets back to pay back some of its debts.

Before Voyager went out of business in November, FTX had planned to buy it.

FTX has also urged the court to exclude two Turkish entities from the bankruptcy proceedings.

On January 27, the firm requested for FTX Turkey and SNG Investments to be removed from the case. Because it believes U.S. courts don’t have jurisdiction in Turkey and consumers had already launched private lawsuits against the company.

“This Court’s orders have no legal or practical effect in Turkey, and the Debtors have no reason to believe that the Turkish government will follow this Court’s orders,” the filing said.

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